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Section C: Long Exercises (20 Marks) Cl. The trial...

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Accounting

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Section C: Long Exercises (20 Marks) Cl. The trial balance of Mark Company at December 31, 2019 is shown below. (SK2: 10 marks Credit Mark Company Trial Balance December 31, 2019 Accounts Debit Cash 37,500 Prepaid Insurance 82,500 Supplies 41,250 Equipment 900,000 Accumulated Depreciation - Equipment Notes Payable 168,750 150,000 90,000 573,750 90,000 Accounts Payable Mark Capital Mark Drawings Service Revenue Utilities Expense Total 183,750 15,000 1,166,250 1,166,250 Other information: 1. Depreciation of equipment for December was $15,000. 2. Rent owed for the month of December but will not be paid until January, 2020 was $22,500. 3. The amount of insurance that expired in the month of December was $7.500. 4. Salaries owed for the month of December but will not be paid until January, 2020 was $30,000. 5. A physical count of supplies indicates $11,250 on hand at December 31. Required: a. Prepare the adjusting entries required on December 31, 2019. (5 marks) b. Prepare the adjusted trial balance on December 31, 2019

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